NCLAT: Cannot Withhold Income Tax Refund Received by Bank During CIRP In CD's Account  ||  All. HC: With S. 111 of BNS Covering 'Organised Crime' It Appears Gangsters Act has become Redundant  ||  P&H HC: Cannot Allow Changes in Admission Form after Submission  ||  Bom. HC: Findings in Criminal Proceedings Cannot Be Relied Upon While Adjudicating Civil Proceedings  ||  P&H HC Directs Jail Authorities to Decide Parole Applications within Four Months  ||  Allahabad HC: Merely Supporting Pakistan Will Not Prima Facie Attract Section 152 of BNS  ||  HP HC Upholds Wife’s Claim of Adverse Possession after Husband’s Death  ||  Patna HC: Maintenance may be Allowed in Disputed Marriages if Relationship Was Socially Accepted  ||  Karnataka HC: State to Respond in 3 Weeks regarding Mandatory Teaching of Kannada  ||  Delhi HC: Husband Unhappy in Marriage is No Proof of Abetment of Suicide    

Modification and Clarification under sub-section (8A) of section 9A of the Income-tax Act, 1961- (Ministry of Finance ) (06 Jun 2022)

MANU/CBDT/0062/2022

Direct Taxation

1. In exercise of the powers conferred by sub-section (8A) of section 9A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Government hereby specifies that in case of an,-

(a) eligible investment fund referred to in sub-section (8A) of section 9A of the Act, the conditions specified in,-

(i) clause (e), clause (f) and clause (g) of sub-section (3) of section 9A of the Act shall not apply;

(ii) clause (k) of sub-section (3) of section 9A of the Act shall be modified in the following manner, namely:-

"(k) the fund shall not carry on, or participate in, the day to day operations of any person in India and for this purpose the monitoring mechanism to protect the investment in such person including the right to appoint directors or executive director shall not be considered as participation in day to day operations of such person in India;";

(b) eligible fund manager referred to in sub-section (8A) of section 9A of the Act, the conditions specified in clause (b) of sub-section (4) of section 9A of the Act shall be modified in the following manner, namely:-

"(b) the person is registered as a portfolio manager or an investment advisor in accordance with the International Financial Services Centres Authority (Capital Market Intermediaries) Regulation 2021 as notified under the International Financial Services Centres Authority Act, 2019 (50 of 2019) or such other regulations made under the International Financial Services Centres Authority Act, 2019 (50 of 2019);".

2. This notification shall come into force from the date of its publication in the Official Gazette.

Tags : MODIFICATION   CLARIFICATION   PROVISION  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved